Funding arb · Price arb /

MSTR

RWAall MSTR markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC−0.0011%/8h= −1.2% APRpaid last 24h −0.005%

Price spread now: Coinbase International against GRVT−0.397%76s7-day average −0.037% · you buy dearer than you sell

Net, funding: paid 7d − costs−$12as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$340.342% of the position

Long on GRVT Short on Coinbase International

What this pair did over the last

the charts below follow

Funding, last 7 days+0.219%+$22 on $10k

Price spread, last 4 days (all we have)+0.282%+$28 · spread now −0.397%, 7d avg −0.037%

Together, before fees+0.501%+ Points / potential airdropGRVT: Active · farm board+$50 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs $0 a day on $10k at the current rate, and Coinbase International is 0.360% cheaper against GRVT than usual: you would sell low and buy high (−$36 if the spread goes back to its 7-day average of −0.037%). Swap the legs. Mind the row above: over the last 7 days funding on this pair paid +0.219%, so the current rate has only just turned against you. The two prices were read 76 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	GRVT MSTR_USDT_Perp	164.77	0.0179	pay 0.0179% / 8h	3h 56m	$82K	$792K	10x
Short	Coinbase International MSTR-PERP-INTX	164.12	0.0168	get 0.0021% / 1h	56m 18s	$1.4M	$1.1M	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Coinbase International against GRVT. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee GRVTbpFee Coinbase InternationalbpOrdersPrice spread, now −0.397%Rate

Funding earned: −$2.31
Price spread: −0.397% → −0.037%: −$36.03
Slippage, 4 orders: −$15.23
Fee GRVT: 4.5 bp × 2 orders: −$9
Fee Coinbase International: 5 bp × 2 orders: −$10
Net: −$72.57
Costs to cover: 0.342%
Break-even: never at this rate

Slippage from GRVT: live order book, 62 min ago; Coinbase International: live order book, 2 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy GRVT live order book, 62 min ago	0.91 bp	6.0 bp −$6	12.3 bp −$123	doesn't fit	doesn't fit
Sell Coinbase International live order book, 2 min ago	4.25 bp	9.3 bp −$9	13.7 bp −$137	doesn't fit	doesn't fit

MSTR on 32 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bitget MSTRUSDT	−0.0902%	8h	164.71	−0.039%	$27.9M	$115.2M	25x	as long as short
Aster MSTRUSDT	0.0000%	8h	164.57	−0.126%	$1.8M	$8.5M	50x	as long as short
Gate MSTR_USDT	0.0000%	8h	164.67	−0.064%	$4.6M	$18.7M	50x	as long as short
Phemex MSTRUSDT	0.0000%	4h	164.73	−0.027%	$2.8M	$75K	10x	as long as short
OKX MSTR-USDT-SWAP	+0.0024%	8h	164.67	−0.064%	$20.7M	$99.7M	50x	as long as short
Lighter MSTR	+0.0032%	1h	164.67	−0.064%	$3.5M	$1.9M	10x	as long as short
Extended MSTR_24_5-USD	+0.0032%	1h	164.49	−0.176%	$594K	$1.9M	10x	as long as short
Injective MSTR/USDC PERP	+0.0033%	1h	169.34	+2.771%	$8K	$26K	30x	as long as short
Arcus MSTR-USD	+0.0040%	1h	164.74	−0.021%	$26K	$109K	10x	as long as short
Vest MSTR-USD-PERP	+0.0046%	1h	164.50	−0.167%	—	$1.7M	25x	as long as short

Show all 32 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Polymarket Perps MSTR-USD	+0.0050%	1h	164.48	−0.179%	$380K	$2.7M	10x	as long as short
SoDEX MSTR-USD	+0.0050%	1h	164.67	−0.064%	$43K	$3K	10x	as long as short
Ondo Perps MSTR-USD.P	+0.0050%	1h	164.40	−0.227%	$862K	$4.0M	10x	as long as short
QFEX MSTR-USD	+0.0067%	1h	164.59	−0.112%	$1.4M	$7.4M	10x	as long as short
Variational Omni MSTR	+0.0097%	8h	164.61	−0.102%	$1.2M	$2.1M	—	as long as short
Pacifica MSTR	+0.0100%	1h	164.56	−0.129%	$101K	$83K	10x	as long as short
KuCoin MSTRUSDTM	+0.0100%	8h	164.50	−0.167%	$2.4M	$2.7M	20x	as long as short
ApeX Omni MSTRUSDT	+0.0100%	1h	164.62	−0.094%	$6K	$186K	50x	as long as short
Orderly PERP_MSTR_USDC_mythos	+0.0100%	8h	164.61	−0.100%	$3K	$8K	10x	as long as short
Aevo MSTR-PERP	+0.0104%	1h	164.63	−0.087%	$137	—	10x	as long as short
tradeXYZ xyz:MSTR	+0.0129%	1h	164.51	−0.161%	$54.8M	$37.0M	10x	as long as short
Paradex MSTR-USD-PERP	+0.0138%	8h	164.59	−0.115%	$66	—	5x	as long as short
Binance MSTRUSDT	+0.0157%	8h	164.67	−0.064%	$87.0M	$615.7M	50x	as long as short
edgeX MSTRUSDC	+0.0159%	4h	164.73	−0.024%	$49K	$5.3M	10x	as long as short
Coinbase International MSTR-PERP-INTXshort	+0.0168%	1h	164.12	−0.397%	$1.4M	$1.1M	10x
GRVT MSTR_USDT_Perplong	+0.0179%	8h	164.77	long leg	$82K	$792K	10x
Phoenix MSTR	+0.0213%	1h	164.76	−0.011%	$56K	$226K	10x	as long as short
Nado MSTR-PERP	+0.0230%	1h	164.42	−0.213%	$121K	$148K	3x	as long as short
RISEx MSTR/USDC	+0.0231%	1h	164.61	−0.097%	$267K	$445K	10x	as long as short
BloFin MSTR-USDT	+0.0277%	8h	164.69	−0.051%	$1.0M	$2.0M	20x	as long as short
Bybit MSTRUSDT	+0.0341%	8h	164.73	−0.027%	$17.0M	$40.8M	50x	as long as short
Deribit MSTR_USDC-PERPETUAL	+0.0723%	1h	164.66	−0.070%	$280K	$438K	10x	as long as short